- Finished steel demand improves slightly
- Sponge iron tags rise by INR 50/t d-o-d
BigMint’s billet index rebounded by INR 100/t d-o-d to INR 41,600/t exw-Raipur on 8 April 2025, amid modest buying.
The index witnessed a slight recovery today, following a significant drop in the previous session. The rebound was supported by a marginal improvement in finished steel demand, which led to a recovery in billet prices during the second half of the trading day. However, market sentiments remained largely range-bound, resulting in only a modest uptick in billet demand d-o-d.
In Raipur, rebar prices fell slightly by INR 100/t today, while wire rod prices remained firm d-o-d. Meanwhile, sponge iron prices in Raipur edged up by INR 50/t d-o-d today.
The conversion spread from sponge iron (PDRI) to billets for the standalone furnaces in the Raipur cluster was recorded at INR 15,500/t.
Rationale
This index is derived based on transactions, offers, bids, and indicative price data sets. Transactions are considered T1 and given a weightage of 50%, whereas other data sets are considered as T2 and given a weightage of the balance 50%.
- Transactions (T1) – Two trades at INR 41,500-41,600/t were recorded during the 2:30 pm to 5:30 pm BigMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 41,567/t, which was given a 50% weightage in the final price calculation.
- Other price indicators – bids/offers/indicatives (T2) – Thirteen offers were reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 41,600/t and given a 50% weightage in the final price calculation.
The final price of billets was INR 41,583/t exw-Raipur, rounded off to INR 41,600/t exw.
Click here for detailed methodology
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